month end closing and year end closing

[Jali]

Hi,

can you please tell me the significant differences between month end closing and year end closing in oracle r12

Thanks
Jabar

[mjunaid]

Difference is to close all expense and income accounts and transfer the balances to retained earning accounts. If you opt to do this, system will pass a journal voucher transferring all the balances of income and expense accounts to your retained earning accounts. So you income and expense account will be zero on year end date.